Question 2 By Economic Growth we mean that: 1 The quality of the goods and services offered...

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Economics

Question 2
By Economic Growth we mean that:
1 The quality of the goods and services offered in the countryis increasing.
2 The GDP per capita is growing from year to year.
3 There are more goods and services offered in the country.
4 The GDP is growing each year.
Question 3
Innovation is the key to economic growth because...
[Multiple correct answers]:
1 It allows greater output from the same labor and capital.
2 Many people can benefit from it simultaneously.
3 It has no decreasing marginal return (or it decreases only inthe long run relative to capital and labor).
4 It allows higher productivity.

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According to Modern theory of economic growth the economic growth is possible through expenditure on research and development and thereby knowledge innovations Hence it can be said that according to the modern theory economic growth the key component of economic growth is skilled labor which helps in the research and See Answer

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